Olex Corporation’s books disclosed the following data for the calendar year 2007:
|
Retained earnings at beginning of year |
$50,000 |
|
Net income for year |
70,000 |
|
Contingency reserve established at end of year |
10,000 |
|
Cash dividends paid during year |
8,000 |
What amount should appear on the last line of reconciliation Schedule M-2 of Form 1120?
- $102,000
- $120,000
- $128,000
- $138,000